| Title | THE BASICS OF VAT | |
| Date | Tuesday, 19th October 2010 | |
| Details | Working in partnership with Whitley Stimpson LLP, a leading regional local firm of Chartered Accountants, we have arranged for their VAT experts to host a training session on Value Added Tax.
WHO SHOULD ATTEND? People who carry out clerical work that covers VAT but who have received little or no training. Managers who have received no VAT training, but are responsible for staff undertaking VAT work. Business owners both VAT & Non VAT registered to give them the essential understanding of this tax and its implications for them. COURSE CONTENT AND AIMS The course will help people who are involved in the preparation and maintenance of records for VAT purposes. It will help them understand the implications of VAT and the importance of keeping proper records to collect the necessary information to complete VAT returns correctly. The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls to be applied to ensure the timely submission of complete and accurate VAT returns. It discusses the powers of the Revenue and Customs and the penalties which they can apply if VAT returns are incomplete or inaccurate, or submitted late. APPROACH We have split the training up so that in the morning session we cover the basics of VAT which are applicable to the vast majority of Business. After lunch we will delve into International VAT and other areas of complexity. It is assumed that a number of people will just want to attend the morning session and leave after lunch, while the hardcore will stay on for the second session Date: Tuesday 19th October 2010 Venue: Penrose House, 67 Hightown Road, Banbury, Oxon OX16 9BE Timings: 10:15 - 10:30 Delegates arrive Coffee Tea and Biscuits are served 10:30 - 12:00 Morning Session – Basic VAT 12:00 - 12:45 Buffet Lunch/Networking 12:45 - 1:30 Afternoon Session -- International VAT and other areas of complexity THE BASICS OF VAT TRAINING OUTLINE The course answers the following questions: Morning Session – VAT Basics (10.30am -12.00) • What is VAT? • Output VAT Input VAT? • What is a Taxable Supply? A Taxable Person? • Which supplies are Zero Rated? Reduced Rated? Exempt? • What is a Basic Tax Point? An Actual Tax Point? • What are the rules relating to motor cars? • Under what circumstances can you recover VAT on entertainment expenses? Subsistence expenses? • Should we account for VAT on Samples? Gifts? • What are the ramifications of Proforma Invoices? Credit Notes? Self Billing? Discounts? Bad Debts? Non-payment of suppliers' invoices? • What happens when you sell an Asset? • Recent developments Afternoon Session – International VAT and other areas of complexity (12.45pm – 1.30pm) • What are the implications of International Trade? (Basics of Intra stats, EC Sales Listings) • Why is the place of supply so important and the changes to the place of supply rules? • The new penalty rules and Revenue powerse. • How do you calculate the amount of input VAT your can reclaim if Partial Exemption applies? • The capital goods scheme • Flat rate schemes – what are they and why use one? Numbers are limited. Please reserve your space with the number of guests required to the Chamber Offcie. Non members are welcome to attend at a charge of £25.00 |